Market insights

The UK borrows less than expected - Market Insight 22nd August 2023

All eyes were on the Public Sector Net Borrowing figure this morning in the UK. Analysts had expected a reading of around £5B however the number came in at £4.3B. The improvement was put down largely to better than expected tax revenues. Although it's a marginally better number than expected it had little effect on Pound rates.

GBP/EUR remains locked in a sideways pattern with little volatility for now. With little Eurozone or UK centric news today that's unlikely to change in a hurry.

Dollar rates could be different today. GBP/USD is in a sideways form. There's a raft of speeches from the FED later though which could have a knock on effect to GBP/USD.

The New Zealand Dollar could be interesting to watch last thing today as retail sales numbers there could move things.

Business news is dominated by two stories. Microsoft have resumed their bid to buy global games maker, Activision, and the UK based chip manufacturer, ARM, have filed to list in the US. The latter is a kick in the teeth to the UK stock exchange which could result in a review of listing procedures and stipulations.

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Economic calendar

US: 19:30 FED's Michelle Bowman Speech

US: 19:30 FED's Austan Goolsbee Speech

US: 20:30 FED's Austan Goolsbee Speech

NZ: 23:45 Retail Sales

As ever we look forward to looking after you and please keep an eye out for our next Insight.

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